Legal Question in Real Estate Law in Texas

We owner financed a commercial property which was to be paid twice yearly for 5yrs with a final balloon payment of $31,500. All payments have been paid until the balloon payment, which was due this Monday 11-15-10. We have been in contact repeatedly with the buyer and basically told that they do not have the finances pay the final payment. They were denied for a bank loan and a personal loan from a friend and basically just said "sorry we don't have the money." They are still operating a business on this property. What can we do to get this final payment since we do not want the property or do we have to foreclose/reposes?


Asked on 11/22/10, 6:04 pm

1 Answer from Attorneys

I would have to read the note and deed of trust. In most cases you can choose to foreclose, or you can choose to sue under the note. The former is usually a more effective way of dealing with the property. In the alternative, you may be able to sell the note to another, and have them deal with the foreclosure. Contact me for more details.

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Answered on 11/27/10, 6:47 pm


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